Search
 

Metrics can turn claims into a commodity

Insurers measure many metrics, but they may not be the ones that matter to policyholders.

By Don Eodice | Updated on February 09, 2017

Can your claims department add value to your product? Do people truly buy based on how your claims department functions? The answers to these questions depend on the metrics you utilize to measure performance in your claims department.

When someone is looking to buy insurance, do they really look to those things you measure? There is no question the failure to process a claim in a timely, fair manner (in the eyes of the insured) will be used as a reason to look elsewhere. But, when it comes time to buy, does a prospective insured care or even know about how your claim department has a 105 percent closing ratio, or that the average paid by line of business is down this year over last year, or that the average claims duration is 5 percent below industry average? I doubt it.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.